That’s why we didn’t see a real altcoin season in the 2025 bull-cycle:


2013-2014 — 500 tokens,
2017-2018 — more than 3,000 tokens,
2021 — more than 300k tokens,
2025-2026 — 48 million tokens,
the market has been severely diluted,
the moment liquidity appears, batches of junk coins start getting listed,
retail investors buy the hype, lose 90%, and then exit.
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